We are talking about one of the tools in your toolkit, the acquisition analysis. And specifically, we've been focusing on the potential strategic benefit of the acquisition under consideration. Now, another potentially important way of thinking about the strategic benefit of the acquisition is to focus on the value of the target. Now presumably, we're considering this acquisition because we think it might be a valuable acquisition, right? But where does that value come from? How valuable is it? And it can be useful to think carefully about how to peel that value apart. So let's start with thinking about the independent value of that potential target. What is the value of that potential target just independent of the acquisition itself? Well, at the very least, it should certainly add up to be at least as much as the discounted cash flows of that business. But that independent value isn't enough. We also need to see, in the potential acquisition, some possibility of integrated value, of some value added by engaging in this acquisition. In other words, the whole, putting these two businesses together, needs to be worth more than the sum of the parts. Again, presumably the business is valuable independently, and we can conduct a valuation and try to determine what that independent value is. But then we also need to think carefully about, how can we create more value by acquiring that business and putting it together with our existing business? What's the potential value added? And again, it's important here to think of not just the best case scenario, but think about what could go wrong. How difficult will it be to integrate these businesses? How long will it take to integrate these businesses? So all these sorts of things come into play as you think about what the potential strategic benefit is. And it's important to consider both the independent value and the value added as part of the acquisition.